(04/25) TRENTON - Commissioner
Bradley M. Campbell today announced that the New Jersey
Department of Environmental Protection (DEP) has issued
a fast-tracked, comprehensive coastal development permit
to the city of Asbury Park and Asbury Partners LLC, authorizing
the construction of 3,164 residential units and 450,000
square feet of commercial space. The goals of the redevelopment
plan are to preserve the character and history of Asbury
Park, provide employment opportunities, generate tax revenues
for the city and improve the quality of life for a year-round
community. The city expects that it will take 10 to 15 years
to complete the project.

"This is a critical milestone in Governor
McGreevey's effort to redevelop Asbury Park into a vibrant
urban community,"said Campbell. "In addition,
the speed of the permitting process makes clear that DEP
is facilitating growth and investment for those developers
willing to meet appropriate and protective standards."

The permit is being issued under the authority
of the Coastal Area Facility Review Act (CAFRA), which requires
that a permit be obtained from the DEP prior to undertaking
certain development activities near coastal waters.

The permit issued today is based on a redevelopment
plan adopted by the city of Asbury in 1984 and revised in
June 2002. In addition to residential and commercial redevelopment,
the DEP-approved project includes improvements to sewage
infrastructure and the rehabilitation of various landmark
buildings. The redevelopment area is approximately 213 acres
in size and is bounded by the Atlantic Ocean and boardwalk
to the east, Grand Avenue to the west, Wesley Lake to the
south and Deal Lake to the North.

"This is a significant step forward
for the citizens and town of Asbury Park- a step that brings
the "glory days" back to the community,"
said Susan Bass Levin, Commissioner of the Department of
Community Affairs. "As part of Governor McGreevey's
ongoing effort to encourage private development in Asbury
Park, DCA has opened a construction code office to expedite
permits and facilitate redevelopment efforts throughout
the city."

"This permit begins the rebirth of
Asbury Park and reinforces the concept of public-private
partnership and smart growth for the benefit of all New
Jersey communities," said Chief Operating Officer of
Asbury Partners LLC, Larry Fishman.

"We're very pleased that the process
is complete. The issuance of the CAFRA permit is the key
to allowing development to begin on the waterfront,"
said Kevin Sanders, Mayor of the City of Asbury Park. "The
city looks forward to reviewing the elements of the permit
when it is delivered."

The plan as proposed by the city and its
developer, Asbury Partners LLC divides the redevelopment
area into several distinct districts:

Wesley Lake Village

The redevelopment plan for this area includes small scale
residential development taking advantage of the smaller
angular blocks close to Wesley Lake. The plan calls for
the creation of low-rise residential buildings along Lake
Avenue with increased building height along the south
side of Cookman Avenue. The north side of Cookman Avenue
is proposed for the construction of mid-rise residential
buildings.

Ocean Avenue/Entertainment District

The five blocks along Ocean Avenue between the Casino
and Convention Hall will be the core of Asbury Park's
entertainment district with retail operations, restaurants,
recreational areas and rehabilitated pavilions. The plan
calls for the restoration of the Casino, Convention Hall
and Heating Plant as well as the construction of a hotel
opposite the Casino.

North Shore District

The north shore district extends from Deal Lake in the
North to Convention Hall in the south. The plan for the
North Shore District includes the construction of an eight
story residential tower and a boardwalk extension with
a path to Deal Lake.

There will be additional open space that
will be created through the design of streets and the creation
of new pedestrian routes. New dunes will be constructed
to provide a backdrop of natural landforms and 10 acres
of trees will be planted throughout the City.

The permit issued today requires the city
to meet DEP's standards, including sewer, water, historic
preservation and public access requirements. DEP will play
an ongoing role in ensuring that the project is in compliance
with the CAFRA permit and the city's Waterfront Development
Plan.

Reconstruction of the boardwalk is currently
ongoing and is more than 50% complete. In addition, residential
and commercial construction should begin late spring/early
summer 2004.

CAFRA regulates all development activities
involved in residential, commercial, or industrial development,
including construction, relocation, and enlargement of buildings
or structures, and all related work such as excavation,
grading, shore protection structures and site preparation.